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The "Warren Buffett of Sweden" shares 5 pieces of advice that can make anyone a millionaire

Börjesson's book "Here's how all Swedes can become millionaires" summarized the experience that comes with running an investment firm with 27 billion Swedish crows ($3,4 bn) under management.

Roughly one in ten Swedes are millionaires today*. Per H. Börjesson, the founder and CEO of Swedish investment company Spiltan, thinks there could, and should, be many more.

Börjesson's bestselling book "Here's how all Swedes can become millionaires" has a simple message: The key to becoming financially independent is to follow a number of simple savings advice, and stick with them through thick and thin.

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Börjesson is a big fan of investor legend Warren Buffett. His strong track record with Spiltan, one of Sweden's foremost investment companies, combined with his affinity for the Sage of Omaha has earned Börjesson the informal nickname "Warren Buffet of Sweden." He has even made Spiltan's annual shareholder meetings into spectacles modelled on Berkshire Hathway's.

Moreover, Börjesson is often seen quoting Buffett's advice in the media, such as: “If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes."

Here are Per H. Börjesson's 5 key pieces of advice to young people starting out today, and to anyone else for that matter, according to Veckans Affärer (VA).

1. Start each month by saving 10 percent of your income.

”Absorb the oldest and best investment advice there is: save 10 percent of your salary each month, before you do anything else. Don't wait," Börjesson told Dagens Industri.

2. Live within your means, i.e. don't let your costs surpass incomes.

When some of his readers question the feasibility of the advice above, Börjesson reponds: "I notice all the time how people spend money on things that are not necessary, such as eating lunch in a restaurant instead of preparing your own, buying coffee on your way to work, or lottery tickets, cigarettes etc."

3. Buy shares or equity funds.

"If you buy equities, then investment companies are a good alternative. When it comes to funds, choose index funds with low fees, or active funds. You can also buy individual quality stocks."

4. Hold on to your assets.

"The best thing is to never sell all of your shares. But you can use some of your assets for an apartment or for that dream holiday."

5. Be very careful when listening to investment advisors.

Börjesson says that you shouldn't rely too much on "experts", but instead make independet decisions when it comes to your money. When buying your index funds, make sure that fees are low. That way, you will be able to keep most of the fund's returns.

"The most tragic thing is that even people who do a good job of saving each month, cannot possibly become millionaires if they accept bad advice from advisors who are really just salesmen," Börjesson says.

* Millionaires in Swedish crowns, according to data from SBAB, a Swedish bank.

Read More about the countries with the most dollar-millionaires (including Sweden) here.